As anticipated mortgage rates are continuing their upward climb. And it is the second week in a row.
A 30-year loan jumped from 4.16 percent to 4.35 percent, which is highest level since mid September when it was 4.5 percent, according to a report posted Thursday morning by the Associated Press.
And this happens just as the Mortgage Banking Association reports a decline in mortgage applications.
“Mortgage applications fell for the second straight week as mortgage rates crept up,” said the Mortgage Bankers Association in its weekly Wednesday bulletin.
“The Market Composite Index decreased by 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased by 3 percent compared to the previous week,” the association added.
The relatively low rate has encouraged homebuyers in the Westchester-Putnam-Rockland region, realtors told The Journal News, but there is low inventory of housing stock which many said would help keep sale prices from rising.